Short Interest in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Declines By 36.8%

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the target of a large decrease in short interest in December. As of December 15th, there was short interest totaling 15,970 shares, a decrease of 36.8% from the November 30th total of 25,265 shares. Based on an average daily volume of 59,980 shares, the short-interest ratio is presently 0.3 days. Currently, 0.0% of the shares of the stock are short sold. Currently, 0.0% of the shares of the stock are short sold. Based on an average daily volume of 59,980 shares, the short-interest ratio is presently 0.3 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Gordian Capital Singapore Pte Ltd lifted its position in shares of Adagene by 101.4% in the third quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock worth $96,000 after buying an additional 24,342 shares in the last quarter. Citadel Advisors LLC purchased a new stake in Adagene in the 3rd quarter worth about $80,000. Finally, Marex Group plc bought a new stake in shares of Adagene during the 2nd quarter worth approximately $47,000. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ADAG shares. Lifesci Capital upgraded Adagene to a “strong-buy” rating in a report on Friday, November 14th. Guggenheim initiated coverage on Adagene in a report on Monday, November 24th. They issued a “buy” rating and a $9.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $7.67.

Adagene Price Performance

Shares of Adagene stock opened at $1.78 on Friday. Adagene has a 12 month low of $1.30 and a 12 month high of $3.16. The business has a fifty day simple moving average of $1.83 and a two-hundred day simple moving average of $1.95.

About Adagene

Adagene Inc, headquartered in Suzhou, China, is a clinical-stage biopharmaceutical company specializing in the discovery and development of antibody-based therapeutics for cancer and immune-related diseases. Founded in 2017, the company leverages its proprietary immunome technology platform to mine human antibody repertoires and engineer novel monospecific and bispecific antibodies. Adagene’s pipeline includes multiple candidates in preclinical and early clinical development, with a focus on targeting tumor microenvironments and modulating immune checkpoints to enhance anti-tumor efficacy.

At the core of Adagene’s research and development efforts is its Bihanc™ antibody platform, which combines combinatorial phage display, structure-based design and artificial intelligence to optimize binding affinity, specificity and developability.